Complete news archive

  • Swiss Re brings longevity ILS

    Swiss Re Capital Markets is marketing a new longevity-related 'catastrophe bond'. The as yet unsized Kortis Capital's single tranche maturing in January 2017 has been assigned a preliminary double-B plus rating by S&P.

    Swiss Re, as the cedant, and SPC Kortis Capital will enter into an ISDA-based counterparty contract under which Swiss Re will make payments in exchange for protection .......

    News 2 December 2010

  • Citadel RMBS remarketed

    F. van Lanschot Bankiers has successfully remarketed - via BNP Paribas, ING and Rabobank International - the Citadel 2010-I Dutch RMBS, which it had originally retained in July. The bank says that the offering was oversubscribed and placed with a wide group of institutional investors.

    The transaction comprises €250m two-year class A1 notes and €500m five-year class A2s. The notes .......

    News Round-up 1 December 2010

  • Developed, EM sovereign liquidity converges

    Fitch Solutions reports that during 12 to 26 November the average CDS liquidity for developed and emerging market sovereigns converged for the first time since August 2010. This, the agency says, is driven mainly by intensified CDS market concerns on prospects for contagion across Eurozone countries.

    Fitch Solutions md Jonathan Di Giambattista says: "In contrast to the decline in Irish .......

    News Round-up 1 December 2010

  • CRE director named

    Cole Real Estate Investments has appointed Travis Bowers as senior director of underwriting. Bowers will be responsible for underwriting functions related to analysing and acquiring prospective office and industrial acquisition pursuits.

    With 13 years of experience in structuring, underwriting complex CRE loans, structured financings and sale-leasebacks, Bowers was most recently vp of equity investments for GE Real Estate.

    .......

    Job Swaps 1 December 2010

  • Euro CMBS loan repayments on the rise

    The increase of European CMBS loan repayments was primarily driven by partial and full repayments of loans that had matured in earlier months, according to Fitch's latest Maturity Repayment Indiex. This, the agency says, is despite two of the three matured loans still outstanding.

    The Fitch Maturity Repayment Index improved to 39.5% from 36.3% during November - decreasing the outstanding .......

    News Round-up 1 December 2010

  • New Lodestone marketing

    The second catastrophe bond offering from the Lodestone Re programme has begun marketing as a US$250m two-tranche deal. The cedant, Chartis subsidiary National Union Fire Insurance Company of Pittsburgh, is again seeking cover from US hurricanes and earthquakes.

    S&P has assigned preliminary double-B plus and double-B ratings to the transaction's series 2010-2 class A-1 and class A-2 notes. This is .......

    News 1 December 2010

  • CDS impact on Asian bond market analysed

    The BIS has published a Working Paper entitled 'The impact of CDS trading on the bond market: evidence from Asia', which investigates the impact of CDS trading on the development of the bond market in region. The report's findings suggest that, in general, CDS trading has lowered the cost of issuing bonds and enhanced liquidity in the Asian bond market.

    News Round-up 1 December 2010

  • Resi mortgage credit model to launch

    Barclays Capital is launching a new residential mortgage credit model, tracking the progression of mortgages through the entire chain of borrower actions and servicer reactions. The loan-level transition model will be available on the Barclays Capital Live website from the close of business on Friday (3 December).

    The model is implemented through Monte Carlo simulation at the loan level, so .......

    News Round-up 1 December 2010

  • Japanese broker-dealer established

    StormHarbour Partners continues its international expansion with the launch of a broker-dealer in Tokyo, StormHarbour Japan. The new firm has been established through the integration of NSH Securities and will be led by Michimasa Naka, ceo and managing principal. Naka has over 20 years of investment banking and global markets experience, and most recently was deputy president and head of .......

    Job Swaps 1 December 2010

  • Canadian ABS reform considerations put forward

    A new report released by the C.D. Howe Institute offers suggestions, from a Canadian perspective, about how to restore a healthy ABS market. It calls for a policy approach that reflects Canadian market realities, indicating that while enhanced transparency and better accountability regimes are welcome steps, they may constrain the return of full liquidity to the ABS market.

    The report .......

    News Round-up 1 December 2010

  • EM manager recruits research head

    Gramercy has appointed Doug Krehbiel as md and European regional head in its newly opened office in London. Krehbiel will be responsible for leading the research and investment management process, relating to the allocation of capital to CEEMEA. He will also become a member of Gramercy's centralised investment committee.

    With 18 years of emerging markets and distressed debt experience, Krehbiel .......

    Job Swaps 1 December 2010

  • Credit manager adds in business development

    BlueMountain Capital Management has appointed Louisa Strutt as director of business development. Based in London, Strutt will implement business development strategies to attract institutional investors and consultants in the UK, Europe, the Middle East and Scandinavia. She will also be responsible for client relationship management and will have input in product development.

    Prior to joining BlueMountain, Strutt was responsible for .......

    Job Swaps 30 November 2010

  • Euro ABS still a waiting game

    The current imbalance in the European secondary ABS market is beginning to take its toll. While pricing levels remain strong, investors wait-it-out for yet another day as the reluctance to engage in market activity prevails.

    "Last week there was less activity than normal due to the weak Irish MBS market. However, other areas of the market held up fairly well," one .......

    Market Reports 30 November 2010

  • Foreclosuregate impact seen in ABX remittances

    Subprime serious delinquency and loss severity rates are both rising, according to RMBS remittance reports for the 80 deals that make up the ABX indices. Indeed, October is the first full month in which the impact of foreclosuregate on liquidation rates can be seen.

    Following several months of decline, the percentage of loans 60-plus days delinquent increased for all series, .......

    News 30 November 2010

  • Auto ABS credit enhancement trending lower

    The credit enhancement levels of 2010-vintage US auto ABS trusts have trended lower over recent months, according to ABS analysts at Deutsche Bank. They suggest that this is attributable to sharper-than-expected improvement in credit performance on both underlying originations and the related ABS securities, following more conservative underwriting guidelines.

    Additionally, in the face of improving credit trends, rating agencies have .......

    News 30 November 2010

  • CLO manager consolidation to continue in 2011

    CLO manager consolidation shows no signs of slowing and is expected to continue at least through 2011. Both economic and market conditions will contribute to the continuation, as well as individual manager strategic objectives, according to Moody's in its latest CLO Interest publication.

    "Beyond reducing the overall number of CLO managers, this consolidation has had a number of additional impacts," .......

    News 30 November 2010

  • Operating advisor proposed for EloC 24

    EloC 24 class G noteholders have been invited to vote on the appointment of Palatium Investment Management as operating advisor on the transaction. European ABS analysts at Barclays Capital suggest that the proposal is a pre-emptive move, given that to date none of the four securitised interest-only loans is in special servicing.

    The class G is the controlling party and .......

    News 30 November 2010

  • Dechert beefs up in Germany

    Dechert has appointed Wolfgang Kissner as a national partner in its financial services and investment management group. Based in Munich, he will help further expand the firm's practice in Germany.

    Kissner has a variety of experience in advising on the establishment of investment fund platforms, structured note programmes, mezzanine funds, hedge fund re-packaging and OTC transactions. Prior to joining Dechert, .......

    Job Swaps 30 November 2010

  • Broker adds sales svp

    Amherst Securities Group has appointed Ryan Stroker as svp in its institutional sales division, based in New York. Before joining Amherst, Stroker was md and head of Price-Smart valuation advisory at Royal Bank of Scotland, where he developed and managed the global structured products valuation advisory and pricing service. Prior to this, he was vp at Merrill Lynch and a .......

    Job Swaps 30 November 2010

  • Law firm names global finance leader

    Nixon Peabody has appointed Craig Mills as leader of its global finance practice. Mills will represent both banks and other financial institutions, as well as many different types of borrowers and other users of capital in a wide range of debt finance transactions.

    Mills has experience representing clients in asset-based transactions, equipment finance transactions, mezzanine and subordinated debt facilities, workouts, .......

    Job Swaps 30 November 2010

  • US CMBS showing signs of recovery?

    US commercial real estate is exhibiting signs of recovery, according to S&P. While delinquency rates for CMBS remain elevated, the rate of growth has slowed considerably from recessionary levels.

    Additionally, the agency reports that property fundamentals are improving, investment capital is slowly flowing back into the sector, commercial mortgage originations are increasing and demand for CMBS issuance is gaining traction.

    News Round-up 30 November 2010

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